OMass Therapeutics Secures £10 Million Funding Boost: Accelerating Drug Development
May 15, 2023
Biotech startup OMass Therapeutics has hit a funding milestone, securing £10 million from British Patient Capital. This investment, part of OMass' Series B extension, emphasizes a strong vote of confidence in the company's groundbreaking approach to drug development. OMass, a spinout from the University of Oxford, is dedicated to tackling rare diseases and immunological conditions through innovative methods.
At the core of OMass' strategy lies a unique blend of biochemistry, native mass spectrometry, and custom chemistry. This potent combination allows the company to explore new frontiers in drug discovery, targeting challenging yet significant medical needs. With this latest injection of capital, OMass is poised to accelerate its clinical development efforts, bringing potential therapies closer to patients in need.
Jim Geraghty, recently appointed as chairman of OMass' board, expressed enthusiasm for the company's pioneering platform. He highlighted the leadership of founder Carol Robinson and CEO Ros Deegan, recognising their efforts in advancing promising programs against difficult-to-drug targets. Geraghty's extensive experience in the biotech sector positions him well to provide strategic guidance as OMass continues to grow.
Ros Deegan, CEO of OMass, welcomed Geraghty's appointment, noting the invaluable expertise he brings to the table. Deegan emphasised the significance of Geraghty's background in building successful biotech ventures, underscoring the strategic importance of his counsel in steering OMass through its next phase of expansion.
This funding round marks a significant milestone for OMass, extending its Series B to £85.5 million and bringing its total funding to an impressive £129 million. Notable investors in this round include Syncona, Oxford Science Enterprises, GV, Northpond Ventures, and Sanofi Ventures, reflecting broad confidence in OMass' potential to make a meaningful impact in the life sciences landscape.
The timing of this investment is particularly noteworthy, considering the broader slowdown observed in the market compared to previous years. Despite these challenges, OMass' ability to attract substantial funding underscores the strength of its vision and the promise of its innovative approach to drug discovery.
In addition to securing funding, OMass recently expanded its footprint with a new facility at the University of Oxford's ARC campus. This expansion further solidifies OMass' commitment to advancing its research and development efforts, providing a state-of-the-art environment for its growing team.
Catherine Lewis La Torre, CEO of British Patient Capital, highlighted the importance of supporting innovative companies like OMass in driving forward the UK's life sciences sector. Through initiatives like the Future Fund: Breakthrough program, British Patient Capital aims to provide long-term capital to high-potential ventures, facilitating the translation of cutting-edge research into tangible benefits for patients.
OMass' success story is a testament to the power of academic spinouts in driving innovation and addressing unmet medical needs. With its robust pipeline of small molecule drugs and a commitment to pushing the boundaries of drug discovery, OMass is well-positioned to make a significant impact in the fight against rare diseases and immunological disorders.